MidWestOne Financial Group
| Company type | Public company |
|---|---|
| Industry | Banking |
| Founded | 1934 |
| Founder | Ben S. Summerwill |
| Headquarters | Iowa City, Iowa , United States |
Area served | Iowa, Minnesota, Wisconsin, Colorado, Florida |
Key people | Charles N. Reeves (CEO), Barry S. Ray (CFO) |
| Products | Banking services |
MidWestOne Financial Group, Inc. is a bank holding company based in Iowa City, Iowa, managing a network of 56 branches. Ranking as the third largest bank headquartered in Iowa, it conducts business across Iowa, Minnesota, Wisconsin, Colorado, and Florida.
History
The bank's origins trace back to 1934 when Ben S. Summerwill established the Iowa State Bank & Trust Company in Iowa City.
In 1983, ISB Financial Corp. was created as a privately held bank holding company overseeing Iowa State Bank & Trust Company.
A significant change occurred in March 2008 when ISB Financial Corp. merged with MidWestOne Financial Group, Inc., subsequently adopting the MidWestOne name.
W. Richard Summerwill stepped down from his role as chairman in April 2011.
MidWestOne expanded its footprint in May 2015 by acquiring Central Bancshares of Golden Valley, Minnesota, through a transaction valued at $134 million in cash and stock.
The institution marked its entry into the Denver, Colorado market by launching its first branch there in 2017.
In June 2018, Barry S. Ray took on the position of Chief Financial Officer.
Most recently, Charles N. Reeves was named Chief Executive Officer in November 2022.